McAfee to sell enterprise business for US$4b

[SAN JOSE] McAfee Corp said on Monday it would sell its enterprise business to a consortium led by Symphony Technology Group for US$4 billion in cash, sending the cybersecurity firm's shares up nearly 3 per cent in premarket trade.

The deal, subject to customary regulatory approvals and closing conditions, is expected to close by the end this year, McAfee said.

In the last few years, McAfee has strengthened its main cybersecurity software business that focuses on retail customers via price increases, new partner programs and good retention rates.

Its enterprise business recorded US$1.3 billion in net revenue in fiscal year 2020, McAfee said.

REUTERS